Siam Global House

Siam Global House Plc (GLOBAL)

Our scenario analysis suggests a higher likelihood of an upside than downside risk, given our already conservative assumptions and management’s expertise in the upcountry market. Rising competition from Thai Watsadu is not yet alarming but worth keeping an eye on. Our bull-case scenario shows a target price of THB19, while the bear-case has the target at THB12, both based on DCF (8.7% WACC/3.5% LTG). We maintain our Outperform rating with an unchanged target price of THB14, also based on the same DCF values.